In Practice June 13, 2007

Census Report Could Clue Advisers in to Opportunities

A report released by the U.S. Census Bureau on Wednesday provides information on new businesses and payroll that may aid advisers in finding new clients.
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The report, County Business Patterns: 2005, provides data by county on the number of establishments, number of employees, and quarterly and annual payroll for the nation’s 7.5 million businesses with employees, according to a Census Bureau news release.
According to the census data, of the 50 counties with the most business locations in 2005, those showing significant growth in the number of businesses with paid employees were Riverside County, California (5.9%); Orange County, Florida (5.9%); Clark County, Nevada (5.6%); Maricopa County, Arizona (5.1%); and Palm Beach County, Florida (4%).
Among the counties with the most employees, New York County (Manhattan), New York, had the highest average annual payroll per employee at $85,469, according to the news release. Santa Clara, California, was second at $72,888, followed by San Francisco ($66,366); Fairfield, Connecticut, ($64,238); and Suffolk, Massachusetts, ($64,067).
Data from the report can be provided at the state, county, metropolitan statistical area and five-digit ZIP code levels. The metropolitan and ZIP code data will be released later this year.
The report excludes information on self-employed people, employees of private households, railroad employees, agricultural production workers and most government employees, the news release said.
Products June 13, 2007

Program Helps Advisers with 401(k) ETF Adoption

BenefitStreet, Inc. has launched a new program designed to help advisers introduce exchange-traded funds (ETFs) to 401(k) plans.
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BenefitStreet’s Advisor Connection is a training and support program aimed at providing advisers with the best information and expertise possible to help them establish ETFs as a 401(k) plan option, according to a press release. The firm’s previously announced ETF 401(k) platform allows participants to invest directly in ETFs, rather than through a collective trust (See BenefitStreet Offers Barclays’ iShares on New 401(k) Platform).
Advisor Connection offers educational and support services separated into four levels of commitment. At the basic level, advisers have access to Web-based training tools, training videos, and information that can be shared with plan sponsors, the announcement said. At the highest level, advisers are provided a dedicated account manager who will assist them with plan sponsor visits and personalized service.
“This program allows advisors to select a level of support which is consistent with their strategic plans for serving clients in this area,’ said Jim Drury, CEO of BenefitStreet, in the release.
For more information, visit www.benefitstreet.com.

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